Source: CNBC
“Bankrupt Spirit Airlines said it turned down a new merger offer from rival budget carrier Frontier Airlines. Frontier said Wednesday that it has met with Spirit’s board and executives since it made its debt-and-stock merger proposal on Jan. 7. Frontier executives said in a email to counterparts at Spirit this week that their plan is better than Spirit’s own plan to emerge from bankruptcy. … Frontier’s new merger plan offered Spirit’s debtors $400 million and a 19% stake in Frontier. It also proposed Spirit creditors provide $350 million in new funding, Spirit said. The Spirit executives called Frontier’s proposal ‘risky and costly, with no certainty as to either timing or outcome’ and ‘woefully insufficient financially.’ They said, however, that they would consider a sweetened offer.” (01/29/25)
https://www.cnbc.com/2025/01/29/frontier-airlines-proposes-combining-spirit.html